Rivian Secures $1B from VW Amid EV Market Shifts
Rivian has secured another $1 billion investment from Volkswagen, signaling continued confidence in the EV startup despite ongoing sales struggles. This comes as the electric vehicle market faces headwinds, including policy shifts and fluctuating consumer demand.
“The second quarter has ended, and that means sales and production numbers,” highlights the latest industry updates. While some automakers report monthly figures, many EV-focused companies, including Rivian and Lucid, release quarterly data. Notably, Rivian’s sales challenges persist, even as it prepares to ramp up production of its new models.
Meanwhile, policy changes are reshaping the EV landscape. Republican legislators have rolled back key incentives from the Inflation Reduction Act, including EV tax credits for new and used vehicles. This shift is already affecting startups like Slate Auto, which had planned to leverage these credits to offer a sub-$20,000 electric pickup.
In other news, Pebble, a California-based startup, has begun delivering its all-electric travel trailers, while Grounded, founded by ex-SpaceX engineers, has shipped its first electric van, the G3.
The EV sector isn’t the only area facing challenges. The FBI and cybersecurity firms warn that hacking group Scattered Spider is now targeting airlines and transportation companies, with Qantas recently reporting a breach affecting 6 million passengers.
